Almotamar.net - The Kuwaiti Fund for Arab Economic Development (KFAED) is scheduled to sign in Sana’a next Tuesday an agreement with the Yemen Ministry of Planning and International Cooperation on financing the project of Socotra port at a cost of $ 50 million.

It is scheduled that the Director General of KFAED Abdul Wahab Ahmed al-Badr would arrive in Sana’a on Monday evening for this purpose.

The Kuwaiti ambassador to Yemen Salem Ghasab al-Zamanan has affirmed Saturday the signing comes as a culmination of a round of talks held by the Fund with officials at the Yemeni Ministry of Planning and International Cooperation as the two sides signed in the first initials the agreement on 17 of last November.

The ambassador added that funding the project is within offering the fund that was pledged by the state of Kuwait at the London donor conference in November 2006 amounting to $200 million. The Kuwaiti ambassador has expected that Socotra port would be one of the strategic projects in Socotra archipelago and would form an effective economic addition to the Yemeni ports.